U.S. patent application number 13/224048 was filed with the patent office on 2013-03-07 for rewarding fiscal responsibility.
This patent application is currently assigned to BANK OF AMERICA CORPORATION. The applicant listed for this patent is Ellen Howse Brannen, Dianne Agnes Fair, Eric James Golla, Mei-Ling In Johnson, Leonard Marc Nathan, Yolandis Rogers, Erik Stephen Ross, Alexander Azariy Shenkar, Darren Paul Stillwell, Susan S. Thomas. Invention is credited to Ellen Howse Brannen, Dianne Agnes Fair, Eric James Golla, Mei-Ling In Johnson, Leonard Marc Nathan, Yolandis Rogers, Erik Stephen Ross, Alexander Azariy Shenkar, Darren Paul Stillwell, Susan S. Thomas.
Application Number | 20130060617 13/224048 |
Document ID | / |
Family ID | 47753863 |
Filed Date | 2013-03-07 |
United States Patent
Application |
20130060617 |
Kind Code |
A1 |
Ross; Erik Stephen ; et
al. |
March 7, 2013 |
Rewarding Fiscal Responsibility
Abstract
An enhanced rewards server may analyze the progress of an
individual, group, and/or organization towards a financial goal and
may reward the individual, group, and/or organization once the goal
has been achieved. The enhanced rewards server may analyze various
pieces of information, including transaction data related to credit
cards and bank accounts, to determine whether the individual,
group, and/or organization is making progress towards the financial
goal. In addition, the rewards server may consider progress
evaluations made by a social network associated with the
individual, group, and/or organization in deciding whether or not a
reward should be transmitted.
Inventors: |
Ross; Erik Stephen;
(Charlotte, NC) ; Nathan; Leonard Marc;
(Wilmington, DC) ; Fair; Dianne Agnes; (Hockessin,
DE) ; Shenkar; Alexander Azariy; (Rosell, GA)
; Stillwell; Darren Paul; (Fort Mill, SC) ;
Brannen; Ellen Howse; (Bear, DE) ; Johnson; Mei-Ling
In; (Wilmington, DE) ; Thomas; Susan S.;
(Gastonia, NC) ; Rogers; Yolandis; (Charlotte,
NC) ; Golla; Eric James; (Phoenix, AZ) |
|
Applicant: |
Name |
City |
State |
Country |
Type |
Ross; Erik Stephen
Nathan; Leonard Marc
Fair; Dianne Agnes
Shenkar; Alexander Azariy
Stillwell; Darren Paul
Brannen; Ellen Howse
Johnson; Mei-Ling In
Thomas; Susan S.
Rogers; Yolandis
Golla; Eric James |
Charlotte
Wilmington
Hockessin
Rosell
Fort Mill
Bear
Wilmington
Gastonia
Charlotte
Phoenix |
NC
DC
DE
GA
SC
DE
DE
NC
NC
AZ |
US
US
US
US
US
US
US
US
US
US |
|
|
Assignee: |
BANK OF AMERICA CORPORATION
Charlotte
NC
|
Family ID: |
47753863 |
Appl. No.: |
13/224048 |
Filed: |
September 1, 2011 |
Current U.S.
Class: |
705/14.17 ;
705/14.21; 705/35 |
Current CPC
Class: |
G06Q 40/00 20130101 |
Class at
Publication: |
705/14.17 ;
705/35; 705/14.21 |
International
Class: |
G06Q 30/00 20060101
G06Q030/00; G06Q 40/00 20060101 G06Q040/00 |
Claims
1. A non-transitory computer-readable storage medium having
computer-executable program instructions stored thereon that when
executed by a processor, cause the processor to perform steps
comprising: (i) receiving information related to a financial goal
from an entity; (ii) analyzing the information and financial data
associated with the entity; (iii) determining a social network
associated with the entity; (iv) transmitting the information
related to the financial goal to at least one member of the social
network; (v) based on the analysis, transmitting feedback to the
entity when the entity achieves an intermediate milepost of the
financial goal; (vi) receiving at least one evaluation from at
least one member of the social network; (vii) based on the analysis
and the at least one evaluation, determining when the financial
goal has been achieved; (viii) when the financial goal has been
achieved, determining a first reward for the entity; and (ix)
causing providing of the first reward to the entity.
2. The computer-readable storage medium of claim 1, wherein the
processor further performs: transmitting feedback to each member of
the social network when the entity achieves an intermediate
milepost of the financial goal.
3. The computer-readable storage medium of claim 1, wherein the
first reward is chosen from the group consisting of: a cash reward,
an interest rate incentive, and a discount at a third party
vendor.
4. The computer-readable storage medium of claim 1, wherein the
processor further performs: based on the analysis, transmitting
additional feedback to the entity and each member of the social
network when the entity is performing below a predetermined
threshold with respect to reaching the financial goal.
5. The computer-readable storage medium of claim 1, wherein the
financial goal is chosen from the group consisting of: paying off
debt associated with a credit card, a savings goal, and a spending
reduction in a given category.
6. The computer-readable storage medium of claim 1, wherein the
financial data comprises credit card transaction data related to
the entity.
7. The computer-readable storage medium of claim 1, wherein the
processor further performs: determining a second reward to the
entity when the entity achieves the intermediate milepost of the
financial goal.
8. The computer-readable storage medium of claim 1, wherein the
determining the social network of the entity is based on a shared
attribute with the entity.
9. The computer-readable storage medium of claim 1, wherein the
processor further performs: granting each member of the social
network access to the financial data to allow the at least one
member of the social network to use the financial data to generate
the at least one evaluation.
10. The computer-readable storage medium of claim 1, wherein each
member of the social network has the same financial goal as the
entity.
11. The computer-readable storage medium of claim 1, wherein the
processor further performs: implementing controls to counteract
scenarios where either the entity or one of the members of the
social network attempt fraud.
12. A computer-assisted method comprising: using a processor
associated with the computer, determining a social network
associated with an individual, wherein the individual and each
member of the social network have a same financial goal; using the
processor, analyzing transaction data associated with the
individual and with each member of the social network; using the
processor and based on the analysis, determining when at least one
member of the social network or the individual has achieved an
intermediate milepost of the financial goal or has achieved the
financial goal itself; using the processor, when the at least one
member of the social network or the individual has achieved the
intermediate milepost or the financial goal itself, determining a
reward for each member of the social network and the individual;
and using a communication module associated with the computer,
causing providing of the reward to each member of the social
network and the individual.
13. The computer-assisted method of claim 12, further comprising:
using the processor, determining when at least one member of the
social network or the individual has performed below a
predetermined threshold with regard to the financial goal.
14. The computer-assisted method of claim 13, further comprising:
using the communication module, reducing the transmitted reward
when at least one member of the social network or the individual
has performed below a predetermined threshold with regard to the
financial goal.
15. The computer-assisted method of claim 12, wherein the
transaction data comprises credit card, checking account, and
savings account transaction data.
16. An apparatus comprising: a processor; and a memory storing
computer-readable instructions that, when executed by the
processor, cause the apparatus at least to perform: receiving
information related to a financial goal from an entity; analyzing
the information and financial data related to the entity;
determining a social network associated with the entity;
transmitting the information related to the financial goal to at
least one member of the social network; based on the analysis,
transmitting feedback to the entity and each member of the social
network when the entity achieves an intermediate milepost of the
financial goal; receiving at least one evaluation from at least one
member of the social network; based on the analysis and the at
least one evaluation, determining when the financial goal has been
achieved; when the financial goal has been achieved, determining a
reward for the entity; and causing providing of the reward to the
entity.
17. The apparatus of claim 16, wherein the reward is chosen from
the group consisting of: an interest rate reduction for a home
mortgage loan, an interest rate increase associated with a checking
account, and a cash reward.
18. The apparatus of claim 16, wherein the financial data comprises
bank account transaction data related to the entity.
19. The apparatus of claim 16, wherein the processor further
performs: determining a second reward to the entity when the entity
achieves the intermediate milepost of the financial goal.
20. A method comprising: processing a financial goal associated
with a customer; determining, by a processor, a reward threshold
based on the financial goal; processing, over a predetermined
period of time, transaction data associated with an account of the
customer; and causing a reward to be provided in response to
determining that the transaction data indicates an adjustment in
spending in excess of the reward threshold.
Description
TECHNICAL FIELD
[0001] Aspects of the invention generally relate to ways in which
an entity may reward fiscal responsibility. In particular, an
enhanced rewards server may be used to determine the types of
rewards that are appropriate under predefined conditions.
BACKGROUND
[0002] Organizations, groups, and/or individuals often struggle
with fiscal responsibility. In spite of their best efforts, these
entities may succumb to the temptation of spending beyond their
means.
[0003] For instance, an organization such as a school may create an
annual operating budget based on public funds appropriated to the
school. However, due to a need for more supplies and/or personnel
during a given year, the school may overshoot its budget
significantly. In these scenarios, the school may need to seek
extra funds from the local government, a situation that that may
create problems for both the local government and the school.
[0004] Alternatively, an individual may have a monthly budget based
on a personal income level. During any given month, the individual
may splurge on items related to entertainment, electronics, and
clothing, among other things, thus causing the individual to exceed
his or her budget. In these scenarios, the individual may face
undesirable consequences, including having to take out high
interest loans, asking family for financial help, and/or going into
bankruptcy.
[0005] Thus, there is a need to keep individuals, groups, and/or
organizations from financially reckless behavior.
BRIEF SUMMARY
[0006] In light of the foregoing background, the following presents
a simplified summary of the present disclosure in order to provide
a basic understanding of some aspects of the invention. This
summary is not an extensive overview of the invention. It is not
intended to identify key or critical elements of the invention or
to delineate the scope of the invention. The following summary
merely presents some concepts of the invention in a simplified form
as a prelude to the more detailed description provided below.
[0007] Aspects of the disclosure address one or more of the issues
mentioned above by disclosing methods, non-transitory computer
readable media, and apparatuses for rewarding financially sound or
responsible behavior. An entity may reward an individual, group,
and/or organization with cash back, redeemable points, discounts,
interest rate incentives, etc. when the entity determines that the
individual, group, and/or organization exhibits fiscally
responsible behavior.
[0008] Other aspects of the disclosure relate to an enhanced
rewards server that may analyze financial data related to an
individual, group, and/or organization in order to determine
progress of that individual, group, and/or organization towards a
financial goal. The server may also determine a social network
associated with the individual, group, and/or organization. Once
determined, the social network may also evaluate the performance of
the individual, group, and/or organization in achieving the
financial goal.
[0009] Aspects of the disclosure may be provided in a
computer-readable medium having computer-executable instructions to
perform one or more of the process steps described herein.
[0010] This Summary is provided to introduce a selection of
concepts in a simplified form that are further described below in
the Detailed Description. The Summary is not intended to identify
key features or essential features of the claimed subject matter,
nor is it intended to be used to limit the scope of the claimed
subject matter.
BRIEF DESCRIPTION OF THE DRAWINGS
[0011] The present invention is illustrated by way of example and
is not limited in the accompanying figures in which like reference
numerals indicate similar elements and in which:
[0012] FIG. 1 shows an illustrative operating environment in which
various aspects of the disclosure may be implemented.
[0013] FIG. 2 is an illustrative block diagram of workstations and
servers that may be used to implement the processes and functions
of one or more aspects of the present disclosure.
[0014] FIG. 3 is a flow diagram of steps performed by an enhanced
rewards server in accordance with one or more aspects of the
disclosure.
DETAILED DESCRIPTION
[0015] As discussed above, individuals, groups, and/or
organizations still struggle with maintaining fiscally sound
behavior. Therefore, the example embodiments provide novel
methodologies to incentivize financially responsible behavior.
[0016] FIG. 1 illustrates an example of a suitable computing system
environment 100 that may be used according to one or more
illustrative embodiments. The computing system environment 100 is
only one example of a suitable computing environment and is not
intended to suggest any limitation as to the scope of use or
functionality contained in the disclosure. The computing system
environment 100 should not be interpreted as having any dependency
or requirement relating to any one or combination of components
shown in the illustrative computing system environment 100.
[0017] The disclosure is operational with numerous other general
purpose or special purpose computing system environments or
configurations. Examples of well known computing systems,
environments, and/or configurations that may be suitable for use
with the disclosed embodiments include, but are not limited to,
personal computers (PCs), server computers, hand-held or laptop
devices, multiprocessor systems, microprocessor-based systems, set
top boxes, programmable consumer electronics, network PCs,
minicomputers, mainframe computers, distributed computing
environments that include any of the above systems or devices, and
the like.
[0018] With reference to FIG. 1, the computing system environment
100 may include a computing device 101 wherein the processes
discussed herein may be implemented. The computing device 101 may
have a processor 103 for controlling overall operation of the
computing device 101 and its associated components, including
random-access memory (RAM) 105, read-only memory (ROM) 107,
communications module 109, and memory 115. Processor 103 and its
associated components may allow the computing device 101 to run a
series of computer-readable instructions related to analyzing
financial transaction data and/or data related to financial goals
to determine if a reward is appropriate. Processor 103 may also
direct computing device 101 to transmit a predetermined reward to
an individual, group, and/or organization based on this
analysis.
[0019] Computing device 101 typically includes a variety of
computer readable media. Computer readable media may be any
available media that may be accessed by computing device 101 and
include both volatile and nonvolatile media, removable and
non-removable media. By way of example, and not limitation,
computer-readable media may comprise a combination of computer
storage media and communication media.
[0020] Computer storage media include volatile and nonvolatile,
removable and non-removable media implemented in any method or
technology for storage of information such as computer readable
instructions, data structures, program modules or other data.
Computer storage media include, but is not limited to, random
access memory (RAM), read only memory (ROM), electronically
erasable programmable read only memory (EEPROM), flash memory or
other memory technology, CD-ROM, digital versatile disks (DVD) or
other optical disk storage, magnetic cassettes, magnetic tape,
magnetic disk storage or other magnetic storage devices, or any
other medium that can be used to store the desired information and
that can be accessed by computing device 101.
[0021] Communication media typically embodies computer readable
instructions, data structures, program modules or other data in a
modulated data signal such as a carrier wave or other transport
mechanism and includes any information delivery media. Modulated
data signal includes a signal that has one or more of its
characteristics set or changed in such a manner as to encode
information in the signal. By way of example, and not limitation,
communication media includes wired media such as a wired network or
direct-wired connection, and wireless media such as acoustic, RF,
infrared and other wireless media.
[0022] Computing system environment 100 may also include optical
scanners (not shown). Exemplary usages include scanning and
converting paper documents, e.g., correspondence, receipts, etc. to
digital files.
[0023] Although not shown, RAM 105 may include one or more are
applications representing the application data stored in RAM 105
while the computing device 101 is on and corresponding software
applications (e.g., software tasks) are running on the computing
device 101.
[0024] Communications module 109 may include a microphone, keypad,
touch screen, and/or stylus through which a user of computing
device 101 may provide input, and may also include one or more of a
speaker for providing audio output and a video display device for
providing textual, audiovisual and/or graphical output.
[0025] Software may be stored within memory 115 and/or storage to
provide instructions to processor 103 for enabling computing device
101 to perform various functions. For example, memory 115 may store
software used by the computing device 101, such as an operating
system 117, application programs 119, and an associated database
121. Also, some or all of the computer executable instructions for
computing device 101 may be embodied in hardware or firmware.
[0026] Computing device 101 may operate in a networked environment
supporting connections to one or more remote computing devices,
such as computing devices 141, 151, and 161. The computing devices
141, 151, and 161 may be personal computing devices or servers that
include many or all of the elements described above relative to the
computing device 101. Computing device 161 may be a mobile device
communicating over wireless carrier channel 171.
[0027] The network connections depicted in FIG. 1 include a local
area network (LAN) 125 and a wide area network (WAN) 129, but may
also include other networks. When used in a LAN networking
environment, computing device 101 may be connected to the LAN 125
through a network interface or adapter in the communications module
109. When used in a WAN networking environment, the computing
device 101 may include a modem in the communications module 109 or
other means for establishing communications over the WAN 129, such
as the Internet 131 or other type of computer network. It will be
appreciated that the network connections shown are illustrative and
other means of establishing a communications link between the
computing devices may be used. Various well-known protocols such as
TCP/IP, Ethernet, FTP, HTTP and the like may be used, and the
system can be operated in a client-server configuration to permit a
user to retrieve web pages from a web-based server. Any of various
conventional web browsers can be used to display and manipulate
data on web pages.
[0028] Additionally, one or more application programs 119 used by
the computing device 101, according to an illustrative embodiment,
may include computer executable instructions for invoking user
functionality related to communication including, for example,
email, short message service (SMS), and voice input and speech
recognition applications (e.g., for transmitting reward information
and/or receiving goal information, etc.). In addition, the
application programs 119 may include computer executable
instructions for invoking user functionality related to determining
a reward for fiscally sound behavior.
[0029] Embodiments of the disclosure may include forms of
computer-readable media. Computer-readable media include any
available media that can be accessed by computing device 101.
Computer-readable media may comprise storage media and
communication media and in some examples may be non-transitory.
Storage media include volatile and nonvolatile, removable and
non-removable media implemented in any method or technology for
storage of information such as computer-readable instructions,
object code, data structures, program modules, or other data.
Communication media include any information delivery media and
typically embody data in a modulated data signal such as a carrier
wave or other transport mechanism.
[0030] Although not required, various aspects described herein may
be embodied as a method, a data processing system, or as a
computer-readable medium storing computer-executable instructions.
For example, a computer-readable medium storing instructions to
cause a processor to perform steps of a method in accordance with
aspects of the disclosed embodiments is contemplated. For example,
aspects of the method steps disclosed herein may be executed on a
processor 103 on computing device 101. Such a processor may execute
computer-executable instructions stored on a computer-readable
medium.
[0031] Referring to FIG. 2, an illustrative system 200 for
implementing example embodiments according to the present
disclosure is shown. As illustrated, system 200 may include one or
more workstation computers 201. Workstations 201 may be local or
remote, and may be connected by one of communications links 202 to
computer network 203 that is linked via communications links 205 to
computing device 101. Workstations 201 may include many of the same
hardware/software components as computing device 101. In some
embodiments, workstations 201 may represent data stores for storing
transaction data accessed and used by computing device 101. In
other embodiments, workstations 201 may represent various user
terminals for accessing computing device 101. In system 200,
computing device 101 may be any suitable server, processor,
computer, or data processing device, or combination of the same.
Computing device 101 may be used to process the instructions
received from, and the transactions entered into by, one or more
participants.
[0032] Computer network 203 may be any suitable computer network
including the Internet, an intranet, a wide-area network (WAN), a
local-area network (LAN), a wireless network, a digital subscriber
line (DSL) network, a frame relay network, an asynchronous transfer
mode (ATM) network, a virtual private network (VPN), or any
combination of any of the same. Communications links 202 and 205
may be any communications links suitable for communicating between
workstations 201 and computing device 101, such as network links,
dial-up links, wireless links, hard-wired links, etc.
[0033] The steps that follow in the Figures may be implemented by
one or more of the components in FIGS. 1 and 2 and/or other
components, including other computing devices.
[0034] In accordance with various aspects of the disclosure,
methods, computer-readable media, and apparatuses are disclosed
that allow an entity, such as a company, financial organization,
bank, credit union, government agency, university, individual,
group, etc., to implement advanced methodologies for rewarding
fiscally sound behavior. In general, the rewards may include a cash
reward, discounts (e.g., at third party vendors), interest rate
incentives (e.g., discounts on an interest rate associated with a
home, auto, etc. loan and/or an increase in an interest rate
associated with a bank account maintained by an entity
administering the rewards program, etc.).
[0035] As mentioned before, to implement the rewards solution, an
entity (e.g., a financial organization) may use the computing
device 101 (hereinafter, enhanced rewards server 101) configured to
run computer-executable program instructions related to each step
of the rewards process. If the entity implementing the enhanced
rewards server 101 is a financial organization (e.g., a bank), the
bank may already possess credit card data, checking/savings account
data, and/or other types of financial and/or transaction data about
each of its customers. The bank may then use the enhanced rewards
server 101 to analyze this data to determine whether or not a given
customer is spending responsibly. In analyzing the data, the bank
may apply predefined business logic rules (e.g., in the form of a
computer algorithm stored on a computer-readable medium) to
determine what, if any, reward may be justified.
[0036] In certain aspects, the entity managing the enhanced rewards
server 101 may also receive information about financial goals
(e.g., shopping lists, wish lists, savings goals, investment goals,
etc.) for various individuals, groups, and/or organizations. These
goals may relate to specific benchmarks that the individual, group,
and/or organization have set for themselves to achieve fiscal
responsibility. If an individual, group, and/or organization
achieves a financial goal or a specific milepost towards the goal,
enhanced rewards server 101 may determine that a predetermined
reward may be appropriate. In certain aspects, the financial goal
may be a spending limit and/or a savings goal over a predetermined
time period.
[0037] For instance, one particular goal for an individual may be
to spend less money at restaurants to allow the individual to save
money for a car. If the entity managing enhanced rewards server 101
is a bank, the enhanced rewards server 101 may be a part of a
network (e.g., network 203) in communication with various servers
(e.g., workstations 201) storing monthly transaction data related
to the individual. The enhanced rewards server 101 in the bank may
then analyze the monthly transaction data for the individual and
may determine the spending patterns of the individual at
restaurants over a predetermined time period. If the data suggests
that the individual is spending less money over the time period or
if the individual is spending less than a predetermined threshold,
the server 101 may determine a predetermined reward (e.g., a cash
reward, etc.) to transmit to the individual (e.g., via
communications module 109). Also, if the enhanced rewards server
101 determines that the spending trends at restaurants are not
below a predetermined threshold or suggest an increase in spending
over the predetermined time period, enhanced rewards server 101 may
determine that no reward is appropriate for this individual. The
enhanced rewards server 101 may also assess a penalty. Penalties
may include, for example, lowering a credit limit permanently or
for a predetermined amount of time, transferring a predetermined
amount of money to a savings account that cannot be withdrawn
without paying a penalty fee, etc. In some aspects, penalties may
also include a requirement to give money to charity or to give a
donation to a political affiliation that is different from the
political affiliation of the individual. To ensure that the
individual follows through on the penalty, a predetermined amount
of cash may be soft reserved under the supervision of an executor
or administrator (e.g., another member of the social network, a
family member, etc.). In this way, enhanced rewards server 101 may
incentivize the individual for financially responsible
behavior.
[0038] In some aspects, server 101 may establish a tiered rewards
scheme for reaching a specific milepost along the path to a final
goal. Using the example of an individual wishing to reduce spending
at restaurants from above, enhanced rewards server 101 may reward
the individual an amount that is proportional to the level of
spending reduction over a time interval (e.g., by establishing a
reward threshold). For example, the enhanced rewards server 101 may
compare an individual's spending at restaurants from one month to
the next, and may identify a month-to-month spending decline of 5%.
For this percentage decrease, the enhanced rewards server 101 may
credit a predetermined first amount of cash back (e.g. $50) to the
individual's account. For a month-to-month spending decline of 10%,
the enhanced rewards server 101 may credit a predetermined second
amount of cash back that is larger than the first amount (e.g.,
$100 dollars cash back), and so on and so forth. In this way, the
individual may receive a reward that is proportional to the level
of spending reduction shown by the individual. In other
embodiments, the enhanced rewards server 101 may automatically
increase the reward by a predetermined amount or percentage if the
month-over-month spending at restaurants continues to decline.
[0039] In some embodiments, the information detailing a goal may be
generated by enhanced rewards server 101 rather than by the
individual, group, and/or organization to which the goal applies.
For instance, enhanced rewards server 101 may examine the
transaction data associated with a private company to determine
that the company would benefit from a reduction in spending on
equipment upgrades. Thus, the enhanced rewards server 101 may set
up a goal with specific intermediate mileposts to help the company
evaluate whether or not it is achieving this goal.
[0040] In yet other aspects, enhanced rewards server 101 may
facilitate a social network environment for the analysis of data
and/or evaluation of performance with regards to a financial goal
for an individual, group, and/or organization. For example,
enhanced rewards server 101 may first establish or otherwise
determine a social network related to an individual that has been
assigned a financial goal. The members of the individual's social
network may be based on any number of attributes that the
individual may share with the members. For instance, if enhanced
rewards module 101 is calculating a reward for an individual for
reducing spending related to sports gear, the individual's social
network may include other individuals that also have an interest in
sports and sports equipment. Also, enhanced rewards server 101 may
port the social network of a given individual from social
networking platforms such as Facebook.TM., Twitter.TM., etc. In yet
other embodiments, the social network of an individual may be
established by feedback from the individual.
[0041] Once established, the social network of the individual may
be used to evaluate progress of the individual towards a financial
goal. For instance, enhanced rewards server 101 may give each
member of an individual's social network access to some or all of
the financial data used by enhanced rewards server 101 to assess
whether or not an individual is making progress towards a financial
goal. Enhanced rewards server 101 may also provide access to the
details of the goal and the mileposts achieved by the individual to
date. Enhanced rewards server 101 may electronically provide access
to this information, such as, for example, via a webserver, an
online banking interface, text message, and/or some other type of
message. Each member of the social network may be permitted to send
messages (e.g., text, audio, video, and/or a combination thereof)
to the individual for encouragement. Each of the members may rate
the performance of the individual and these ratings may be taken
into account by enhanced rewards server 101 in both evaluating the
progress of the individual towards a goal and in determining what,
if any, reward should be transmitted to the individual. For
example, a percentage of a reward and/or penalty may be determined
based on feedback (or lack of feedback) from the members of the
social network.
[0042] In one example, 30% of the reward given to an individual may
be determined by feedback (or lack of feedback) from the members of
the social network. Members may rate an individual's performance on
a scale of 1 to 10, and an average score may be used to determine
the reward. In a scenario where the total reward may be $100, $30
(i.e., 30% of $100) may be controlled by the members. If an
individual receives an average score of 5 out of 10 from the
members of the social network, the total reward that the individual
receives may be 0.5*$30=$15+$70=$85. Here, the $15 component may
represent the part of the reward determined by the members of the
social network and the $70 component may be the part of the reward
determined by the server 101.
[0043] The social network associated with an individual, group,
and/or organization may also add peer pressure to help the
individual, group, and/or organization achieve the goal because
members of the social network may be directly involved in
evaluating performance in achieving the goal.
[0044] In other embodiments, enhanced rewards server 101 may group
together individuals, groups, and/or organizations with the same or
similar goal into a single social network. In this case, enhanced
rewards server 101 may generate a group performance rating for
achieving the financial goal by taking into account the performance
of each member of the social network. Thus, in this implementation,
poor performance by any member of the social network may result in
a lower performance rating for all members of the social network,
thereby reducing any potential reward and/or eliminating the reward
completely for the entire group. In this way, each member of the
group may feel the peer pressure of other members, given the
negative consequences of poor performance for all members of the
group.
[0045] For example, server 101 may assign a rating number to the
performance over a predetermined time period of each member of the
social network with respect to a given financial goal. The rating
numbers of each member of the social network may then be summed to
determine which one of multiple reward categories may apply to the
group (e.g., no reward category, small reward category, medium
reward category, and/or big reward category). As an example, if the
goal of each member of the social network is to reduce monthly
spending in certain areas, server 101 may transmit no reward to
each member for a month-over-month spending reduction of 0-3% in
relevant areas (e.g., no reward category), a reward of $20 for a
month-over-month spending reduction of 3.01-5% in relevant areas
(e.g., small reward category), a reward of $40 for a
month-over-month month spending reduction of 5.01-10% in relevant
areas (e.g. medium reward category), and a reward of $60 for a
month-over-month spending reduction of greater than 10% (e.g., big
reward category). Additionally, each member may receive a bonus
reward (e.g., an additional $20, etc.) when each member of the
social network performs at a predetermined level (e.g., each member
reduces spending by 5% or more during a given month).
[0046] In some aspects, the enhanced rewards server 101 may
implement the rewards program via an interactive video game. In
this embodiment, enhanced rewards server 101 may request that
individuals, groups, and/or organizations answer questions related
to real-life and/or hypothetical financial scenarios. The answers
to these questions may allow server 101 to determine what, if any,
reward should be transmitted to the appropriate entity. In some
aspects, the interactive video game may be accessed from an
entity's social networking account (e.g., Facebook, Twitter,
etc.).
[0047] For example, one interactive video game may require an
individual to answer questions about spending associated with a
credit card. The game may place the individual into a scenario
where he is given a credit with a predetermined credit limit (e.g.,
$20,000) and a monthly budget. The game may require the individual
to appropriate funds based on the monthly budget for any expenses
incurred during the month. If the individual maintains a low credit
card balance (e.g., less than a predetermined threshold) within the
game for a given month, server 101 may transmit a reward to the
individual. Alternatively, if the individual acquires a high credit
card balance (e.g., greater than a predetermined threshold) within
the game for a given month, server 101 may transmit either a
reduced reward or no reward to the individual.
[0048] In some aspects, server 101 may implement controls for
guarding against individuals, groups, and/or organizations that may
attempt to defraud the system/method. For instance, in a scenario
where the server 101 may be monitoring credit card balances
associated with a savings goal, the server may also monitor
checking/savings account balances in case the individual switches
to paying only cash instead of using a credit card. In addition,
server 101 may implement security protocols for access to all
sensitive information, including passwords, usernames, data
encryption, etc.
[0049] In some aspects, information about a financial goal may be
made available on a website for an individual and/or his/her social
network to access. In other aspects, an individual, group, and/or
organization may be required to take "defensive borrowing"
education, where the individual, group, and/or organization learns
how to spend appropriately and save money. This educational program
may also require that the individual, group, and/or organization
spend a predetermined amount of time in the "defensive borrowing"
class and may require that the individual, group, and/or
organization pass an exit exam. In addition, every time a borrower
goes delinquent on a debt, a predetermined amount of remedial
education/counselling may be required. In some embodiments, a
predetermined financial incentive (e.g., bonus rewards) may be
provided to those that complete the educational program and/or
training certification. This educational program may be
administered by an independent contractor.
[0050] In other aspects, server 101 may display an entity's risk
score in a variety of ways (e.g., through the entity's online bank
account portal, through regular mailings, etc.). Server 101 may
also display information on ways that the entity may increase its
credit quality.
[0051] In yet other aspects, server 101 may transfer a percentage
of an entity's spend (e.g., over a predetermined period of time
such as a year, etc.) into a separate bank account (e.g., a
certificate of deposit (CD), demand deposit account (DDA), etc.) of
the entity's choice to serve as a "rainy day" fund (e.g., a fund
that may be used in the event of unforeseen circumstances, etc.).
Server 101 may also offer the entity information on how the funds
in the separate bank account may be used. In addition, server 101
may provide incentives such as payment credits and/or coupons for
entities who contribute more than a minimum amount to this "rainy
day" fund (e.g., as a financial goal, etc.). As an extension, other
entities (e.g., family members, members of a social network, etc.)
may also contribute to the "rainy day" fund.
[0052] Further, server 101 (e.g., of a bank) may offer secure
credit card services and may also offer a discount annual
percentage rate (APR) on credit cards for entities who agree to
automatic payment via a direct debit for the minimum amount due on
a credit card.
[0053] FIG. 3 shows an example flow diagram of the rewards process
implemented by enhanced rewards server 101, in accordance with at
least one aspect of the disclosure. The steps may be rearranged,
one or more steps may be added, one or more steps may be omitted,
and one or more steps may be repeated. The process shown in FIG. 3
uses debt reduction (e.g., payment of credit card balances within a
predetermined time period) as an example goal assigned to an
individual. In this example, the individual may submit a request to
server 101 that the goal is assigned to him. The process may start
out at step 301 where a customer of a financial institution may
transmit goal information (e.g., desire to pay off his credit card
balance within a predetermined period of time (e.g., two months))
to the enhanced rewards server 101. The enhanced rewards server 101
may then monitor data related to the goal in step 303. For
instance, the rewards server 101 may periodically monitor
transaction data related to the individual's credit card account
provided by the financial institution. In addition, server 101 may
monitor debt levels associated with other credit cards and/or other
accounts (e.g., demand deposit accounts, savings, etc.) to make
sure that debt levels may not be merely shifting from one account
to another.
[0054] The process may then move to step 305 where server 101 may
determine a social network for the individual for peer evaluation
of goal performance. As mentioned earlier, the server 101 may
determine the social network by evaluating characteristics of other
individuals within databases that server 101 may access, from
social networking websites associated with the individual, and/or
from direct feedback received from the individual. Server 101 may
also transmit information related to the goal to each member of the
social network.
[0055] Then, in step 307, server 101 may periodically transmit
information about any intermediate mileposts that may have been
achieved by the individual through the process of paying off a
balance associated with the credit card in question. These messages
may be transmitted to both the individual and the individual's
social network. For instance, server 101 may transmit a message to
the individual and/or to the individual's social network (e.g., via
email, SMS, via an interface associated with online banking, etc.)
when the individual has paid off half of his credit card balance.
In reply, in step 309, one or more members of the social network
associated with the individual may transmit feedback to the
individual and/or to enhanced rewards server 101 regarding
performance of the individual in paying off his credit card
balance.
[0056] The process may then move to step 311 where the enhanced
rewards server 101 may determine whether a goal has been achieved.
If the goal has not been achieved, server 101 may continue to
transmit updates to the individual periodically as progress is made
toward a goal (e.g., the process moves back to step 307). If no
progress is made, server 101 may transmit a message to the
individual detailing this information. In some embodiments, if no
progress is made after a predetermined time period, server 101 may
terminate future messages to the individual regarding the goal.
[0057] If the individual has achieved the specified goal (e.g.,
paid off his credit card balance), server 101 may determine the
appropriate reward for the individual in step 313. The size of the
reward may be based on a variety of factors, including the length
of time taken by the individual in achieving the goal and/or the
amount of the initial credit card balance paid off, among other
things. For example, if the individual takes only two months to pay
off the credit card balance, server 101 may transmit a $100 reward
to the individual. If the same individual takes four months to pay
off the credit card balance, server 101 may transmit a $200 reward
to the individual.
[0058] Finally, in step 315, the enhanced rewards server 315 may
transmit information regarding the nature of the reward (cash,
discount, interest rate incentive, etc.). This congratulatory
message may be transmitted both to the individual and to his social
network.
[0059] Aspects of the invention have been described in terms of
illustrative embodiments thereof. Numerous other embodiments,
modifications and variations within the scope and spirit of the
appended claims will occur to persons of ordinary skill in the art
from a review of this disclosure. For example, one of ordinary
skill in the art will appreciate that the steps illustrated in the
illustrative figures may be performed in other than the recited
order, and that one or more steps illustrated may be optional in
accordance with aspects of the invention.
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